Babcock Chopper Deal Isn't Just Spin

Helicopter trips rarely come cheap. And Babcock International's deal to buy private-equity owned Avincis, a provider of chopper services to police, firefighters and other emergency crews, looks like no exception.

The U.K. engineering services group will pay Investindustrial and KKR €2 billion ($2.8 billion), including debt, for Avincis. That is about 14 times last year's earnings before interest, tax, depreciation and amortization....